Apple Rumor Causes Samsung Stock Value To Take $10 Billion Nosedive

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We here at Cult of Mac love Apple rumors as much as the next guy, but sometimes it’s helpful to be reminded of the power rumors can wield. Samsung’s market value fell 6% on Wednesday to the tune of a $10 billion nosedive. Why? One silly Apple supply rumor.

Taiwanese news site DigiTimes published a rumor on Tuesday with the headline “Apple reportedly books up half of mobile DRAM capacity at Elpida Hiroshima plant.” The report said that Apple was ordering massive amounts of dynamic random access memory (DRAM) chips from Elpida Memory, a competitor to Samsung. You see, while Samsung and Apple may be bitter enemies in the consumer space, they are in bed with each other on the supply chain. Apple is actually Samsung’s most important component customer. Parts of your iPhone were made in a Samsung plant. As you can imagine, even the thought of Apple taking its business elsewhere would cause Samsung to quake at the knees.

Despite the fact that DigiTimes has a track record with more spots than a fully grown dalmatian, the rumor caused significant concern among Samsung’s shareholders. According to Reuters, stock dove 6.2% to a 9-week low. That devalued Samsung’s market cap by $10 billion.

10 billion dollars because of one lousy Apple rumor. That’s the world we live in.

Source: Reuters Via: Daring Fireball